Evolution of Trading Structures
AbstractThis paper reviews the evolution of trading structures by examining two pertinent strands in the literature on economics with interacting agents, one, works that presume a specified topology of interactions among agents, and two, works that let random mechanisms determine that topology. The papr reviews interactive discrete choice models in isotropic settings and proposes extensions within certain stylized anisotopic settings which are particularly interesting for economists. In particular, circular patterns of interaction highlight the role of money and credit; tree-type settings depict Walrasian interactions. The paper suggests that the random topology of interaction approach, which as employed analyses of sizes of trading gorups and thus exploit the full range of possible topological properties of trading structures. The paper proposes an integration of those approaches which is intended to exploit their natural complementaries. In the simplest possible version, our sythesis involves individual decisions and expectations, randomness, and nature combinng to fix an initial "primordial" topology of interaction. The dynamics of interaction move the economy from then on. The evolution of trading structures depends criticlaly upon multiplicity and stability properties of equilibrium configurations of the interaction model. The paper addresses a number of additional topics, including matching models, spatial aspects of the evolution of trading structures and issues of statistical inference.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Santa Fe Institute in its series Working Papers with number 96-04-020.
Date of creation: Apr 1996
Date of revision:
Contact details of provider:
Postal: 1399 Hyde Park Road, Santa Fe, New Mexico 87501
Web page: http://www.santafe.edu/sfi/publications/working-papers.html
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Rama Cont & Jean-Philippe Bouchaud, 1997. "Herd behavior and aggregate fluctuations in financial markets," Science & Finance (CFM) working paper archive 500028, Science & Finance, Capital Fund Management.
- Horst, Ulrich & Scheinkman, Jose A., 2006.
"Equilibria in systems of social interactions,"
Journal of Economic Theory,
Elsevier, vol. 130(1), pages 44-77, September.
- U. Horst & Jose A. Scheinkman, 2010. "Equilibria in Systems of Social Interactions," Levine's Working Paper Archive 506439000000000119, David K. Levine.
- J. Scheinkman & U. Horst, 2003. "Equilibria in Systems of Social Interactions," Princeton Economic Theory Working Papers, David K. Levine d5a39039d26e0b08775b915bf, David K. Levine.
- Rama CONT & Jean-Philippe BOUCHAUD, 1997. "Herd behavior and aggregate fluctuations in financial markets," Finance, EconWPA 9712008, EconWPA, revised 30 Dec 1997.
- Randal J. Verbrugge, 1998. "Local Complementarities and Aggregate Fluctuations," Macroeconomics, EconWPA 9809016, EconWPA, revised 30 Sep 1998.
- Yannis Ioannides, 2006.
"Topologies of social interactions,"
Springer, vol. 28(3), pages 559-584, 08.
- Yannis Ioannides, 2001. "Topologies of Social Interactions," Discussion Papers Series, Department of Economics, Tufts University 0104, Department of Economics, Tufts University.
- Yannis M. Ioannides, 2004. "Topologies Of Social Interactions," Econometric Society 2004 North American Winter Meetings 287, Econometric Society.
- I. V. Evstigneev & M. I. Taksar, 2001. "Stochastic Economies with Locally Interacting Agents," Working Papers, Santa Fe Institute 01-03-018, Santa Fe Institute.
- Allen Wilhite, 2003. "Self-Organizing Production and Exchange," Computational Economics, Society for Computational Economics, vol. 21(1), pages 107-123, February.
- Tesfatsion, Leigh, 1997.
"A Trade Network Game with Endogenous Partner Selection,"
Staff General Research Papers
1680, Iowa State University, Department of Economics.
- Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report, Iowa State University Department of Economics 36, Iowa State University Department of Economics.
- Allen Wilhite, 2000. "Self-Organizing Production And Exchange," Computing in Economics and Finance 2000 273, Society for Computational Economics.
- Leigh Tesfatsion, 1998.
"Gale-Shapley Matching in an Evolutionary Trade Network Game,"
Game Theory and Information, EconWPA
9805004, EconWPA, revised 26 Jul 1998.
- Tesfatsion, Leigh S., 1998. "Gale-Shapley Matching in an Evolutionary Trade Network Game," Staff General Research Papers 1230, Iowa State University, Department of Economics.
- Tesfatsion, Leigh, 1997.
"How Economists Can Get Alife,"
Staff General Research Papers
1685, Iowa State University, Department of Economics.
- Leigh TESFATSION, 1995. "How Economists Can Get Alife," Economic Report, Iowa State University Department of Economics 37, Iowa State University Department of Economics.
- Guido Fioretti, 2002. "Knowledge and Structure," Industrial Organization, EconWPA 0207011, EconWPA.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel).
If references are entirely missing, you can add them using this form.